Average mortgage rates came down across all terms compared to a week ago, according to Bankrate data. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans all fell.
| Mortgage type | Today’s rate | Last week’s rate | Change |
|---|---|---|---|
| 30-year fixed | 6.73% | 6.80% | -0.07 |
| 15-year fixed | 6.07% | 6.13% | -0.06 |
| 5/1 ARM | 6.25% | 6.36% | -0.11 |
| 30-year fixed jumbo | 6.78% | 6.83% | -0.05 |
Rates last updated December 11, 2024.
The rates listed above are marketplace averages based on the assumptions indicated here. Actual rates listed across the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Wednesday, December 11th, 2024 at 7:30 a.m. ET.
Market mortgage rates shift up and down as the economy changes, new data becomes public and lenders decide how much risk they’re willing to tolerate on a given day. The Federal Reserve cut interest rates at its September and November meetings, with some Fed officials hinting at another rate cut this month. Still, mortgage rates have yet to return to the lows seen in September as investors anticipate what a Republican-led government will mean for the economy.
Historical mortgage rates: How do today’s rates compare to years past?
The Fed doesn’t outright determine fixed mortgage rates, but its decisions matter. Mortgages tend to increase or decrease with the 10-year Treasury yield, the effective yield rate on 10-year Treasury notes. The 10-year yield rises when there’s less demand for notes — and this tends to happen when investors feel confident in the economy, including monetary policy.
Still, your housing needs might change regardless of the Fed and yields. If you want to buy a home or need to sell now, shop around to find the lowest-possible rate.
30-year fixed-rate mortgage declines, -0.07%
The average rate you’ll pay for a 30-year fixed mortgage today is 6.73 percent, a decrease of 7 basis points over the last seven days. Last month on the 11th, the average rate on a 30-year fixed mortgage was higher, at 6.88 percent.
At the current average rate, you’ll pay $647.27 per month in principal and interest for every $100,000 you borrow. That’s $4.66 lower, compared with last week.
There are various advantages to choosing a fixed-rate mortgage when buying new house, including predictable mortgage payments.
Read more: What is a fixed-rate mortgage and how does it work?
15-year mortgage rate falls, -0.06%
The average 15-year fixed-mortgage rate is 6.07 percent, down 6 basis points over the last week.
Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $848 per $100,000 borrowed.
5/1 ARM declines, -0.11%
The average rate on a 5/1 ARM is 6.25 percent, down 11 basis points from a week ago.
Monthly payments on a 5/1 ARM at 6.25 percent would cost about $616 for each $100,000 borrowed over the initial five years.
Jumbo loan interest rate dips, -0.05%
The average jumbo mortgage rate is 6.78 percent, a decrease of 5 basis points from a week ago. A month ago, jumbo mortgages’ average rate was above that at 6.89 percent.
At today’s average rate, you’ll pay $650.59 per month in principal and interest for every $100,000 you borrow. That’s $3.33 lower, compared with last week.
30-year fixed-rate refinance moves lower, -0.05%
The average 30-year fixed-refinance rate is 6.75 percent, down 5 basis points over the last seven days. A month ago, the average rate on a 30-year fixed refinance was higher at 6.90 percent.
At the current average rate, you’ll pay $648.60 per month in principal and interest for every $100,000 you borrow. Compared with last week, that’s $3.33 lower.
When will mortgage rates go down?
It’s possible. With the changing administration, investors are buying up low-risk Treasury bonds, driving their yields down. In times of uncertainty, mortgage prices tend to retreat.
“Expect volatility and unpredictability with bond yields and mortgage rates netting out a bit lower,” says Greg McBride, CFA, chief financial analyst for Bankrate.
More on current mortgage rates
- Expert poll: Mortgage rate trend predictions for this week
- Latest mortgage news for this week
- Compare current mortgage rates for today
Methodology
Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).
The rates on this page represent our overnight averages. For these averages, APRs and rates are based on no existing relationship or automatic payments.
Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.
